Bondada Eng jumps after board OKs fund raising upto Rs 185 cr

Bondada Engineering surged 7.33% to Rs 638.55 after the company announced that its board of directors has approved the proposal of funds raising upto Rs 185 crore via issuance of equity or debt instruments.

According to the regulatory filing dated on 07 December 2024, the company stated that the fundraising decision was made during a board meeting held on the same day. The firm said that it will raise funds by a way of issuance debentures, non-convertible debt instruments, warrants, convertible debentures, and other equity-based instruments, in one or more tranches.

The company will raise funds up to Rs 185 crore through various methods, including public and private offerings, preferential issues, and qualified institutional placements, subject to statutory and regulatory approvals.

 

As part of this proposal, the board also approved the issuance of up to 31,25,448 equity shares at an issue price of Rs 591.90 per share, subject to shareholder approval and other necessary clearances.

Bondada Engineering is an infrastructure company that provides engineering, procurement, and construction (EPC) services, as well as operations and maintenance (O&M) services to customers in the telecom and solar energy industries throughout India.

On a full-year basis, the company's consolidated net profit surged 167.2% to Rs 44.73 crore on 116.1% jump in revenue from operations to Rs 800.72 crore in FY24 over FY23.

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